Mercantile Bk Corp Financials

MBWM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Mercantile Bk Corp (MBWM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Mercantile Bk Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.27x

For every $1 of reported earnings, Mercantile Bk Corp generates $1.27 in operating cash flow ($101.1M OCF vs $79.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Revenue

$321.5M

YoY+18.5%

5Y CAGR+15.2%

10Y CAGR+13.7%

Mercantile Bk Corp generated $321.5M in revenue in fiscal year 2024. This represents an increase of 18.5% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$79.6M

YoY-3.2%

5Y CAGR+10.0%

10Y CAGR+16.5%

Mercantile Bk Corp reported $79.6M in net income in fiscal year 2024. This represents a decrease of 3.2% from the prior year.

EPS (Diluted)

$4.93

YoY-3.9%

5Y CAGR+10.4%

10Y CAGR+14.4%

Mercantile Bk Corp earned $4.93 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 3.9% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$1.40

YoY+4.5%

5Y CAGR+5.7%

Mercantile Bk Corp paid $1.40 per share in dividends in fiscal year 2024. This represents an increase of 4.5% from the prior year.

Shares Outstanding

16M

YoY+0.1%

5Y CAGR-0.3%

10Y CAGR-0.5%

Mercantile Bk Corp had 16M shares outstanding in fiscal year 2024. This represents an increase of 0.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

24.8%

YoY-5.5pp

5Y CAGR-6.5pp

10Y CAGR+5.3pp

Mercantile Bk Corp's net profit margin was 24.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 5.5 percentage points from the prior year.

Return on Equity

13.6%

YoY-2.1pp

5Y CAGR+1.7pp

10Y CAGR+8.3pp

Mercantile Bk Corp's ROE was 13.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 2.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MBWM Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$321.5M+18.5%	$271.4M+49.2%	$181.8M+26.7%	$143.5M-3.2%	$148.3M-6.3%	$158.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$130.4M+67.6%	$77.8M+229.8%	$23.6M+21.4%	$19.4M-25.5%	$26.1M-22.9%	$33.8M
Income Tax	$18.7M-8.7%	$20.5M+39.1%	$14.7M+0.2%	$14.7M+37.2%	$10.7M-2.7%	$11.0M
Net Income	$79.6M-3.2%	$82.2M+34.6%	$61.1M+3.5%	$59.0M+33.7%	$44.1M-10.8%	$49.5M
EPS (Diluted)	$4.93-3.9%	$5.13+33.2%	$3.85+4.3%	$3.69+36.2%	$2.71-10.0%	$3.01

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$85.6M+4.5%	$82.0M+2.0%	$80.3M+8.9%	$73.8M+3.7%	$71.2M+7.9%	$65.9M+9.0%	$60.5M+3.8%	$58.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$33.6M+3.6%	$32.5M+2.2%	$31.8M+26.4%	$25.2M+13.3%	$22.2M+20.8%	$18.4M+51.8%	$12.1M+58.8%	$7.6M
Income Tax	$3.7M+10.1%	$3.3M-25.8%	$4.5M-12.9%	$5.2M+0.9%	$5.1M+2.4%	$5.0M-2.9%	$5.2M+1.9%	$5.1M
Net Income	$23.8M+5.0%	$22.6M+15.8%	$19.5M-2.5%	$20.0M-4.0%	$20.9M+2.4%	$20.4M-2.9%	$21.0M-3.8%	$21.8M
EPS (Diluted)	$1.46+5.0%	$1.39+14.9%	$1.21-3.2%	$1.25-3.8%	$1.30+2.4%	$1.27-3.1%	$1.31-4.4%	$1.37

MBWM Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$6.1B+13.1%	$5.4B+9.9%	$4.9B-7.3%	$5.3B+18.5%	$4.4B+22.1%	$3.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M
Total Liabilities	$5.5B+13.2%	$4.8B+9.0%	$4.4B-7.7%	$4.8B+20.2%	$4.0B+24.2%	$3.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$584.5M+11.9%	$522.1M+18.3%	$441.4M-3.3%	$456.6M+3.4%	$441.6M+6.0%	$416.6M
Retained Earnings	$334.6M+20.6%	$277.5M+28.3%	$216.3M+23.9%	$174.5M+30.2%	$134.0M+24.3%	$107.8M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$6.3B+2.1%	$6.2B+0.6%	$6.1B+14.7%	$5.4B+1.9%	$5.3B+2.2%	$5.1B+4.9%	$4.9B+0.5%	$4.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M
Total Liabilities	$5.7B+1.8%	$5.5B+0.3%	$5.5B+14.5%	$4.8B+1.3%	$4.8B+2.3%	$4.7B+5.2%	$4.4B-0.1%	$4.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$657.6M+4.1%	$631.5M+3.8%	$608.3M+16.5%	$522.1M+8.1%	$483.2M+0.9%	$478.7M+2.4%	$467.4M+5.9%	$441.4M
Retained Earnings	$382.7M+4.8%	$365.0M+4.8%	$348.3M+25.5%	$277.5M+5.6%	$262.8M+6.3%	$247.3M+6.5%	$232.1M+7.3%	$216.3M

MBWM Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$101.1M+51.8%	$66.6M-44.4%	$119.9M+85.6%	$64.6M+70.5%	$37.9M-15.4%	$44.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$425.4M-7.5%	-$395.9M+28.7%	-$555.0M-12.0%	-$495.5M-24.2%	-$398.8M-329.6%	-$92.8M
Financing Cash Flow	$586.8M+61.6%	$363.1M+181.9%	-$443.3M-156.8%	$780.1M+3.6%	$753.2M+264.8%	$206.4M
Dividends Paid	$22.5M+7.0%	$21.0M+7.2%	$19.6M+5.8%	$18.5M+3.3%	$17.9M+4.8%	$17.1M
Share Buybacks	N/A	$0	$0-100.0%	$21.4M+224.4%	$6.6M-8.2%	$7.2M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$23.1M+396.0%	-$7.8M-162.3%	-$3.0M+59.2%	-$7.3M-120.0%	$36.4M+87.8%	$19.4M+7.4%	$18.1M-51.3%	$37.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$63.6M+166.8%	-$95.3M-16.1%	-$82.0M+58.8%	-$198.9M-284.5%	-$51.7M+41.3%	-$88.2M-54.3%	-$57.1M-9.9%	-$52.0M
Financing Cash Flow	$94.2M+588.8%	$13.7M-82.3%	$77.5M+9.5%	$70.7M-3.7%	$73.5M-66.4%	$218.6M+92155.3%	$237K+100.1%	-$172.3M
Dividends Paid	$6.1M+2.7%	$5.9M+0.1%	$5.9M+10.5%	$5.3M+0.2%	$5.3M+3.1%	$5.2M+0.1%	$5.2M+3.4%	$5.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

MBWM Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	24.8%-5.5pp	30.3%-3.3pp	33.6%-7.6pp	41.1%+11.4pp	29.8%-1.5pp	31.2%
Return on Equity	13.6%-2.1pp	15.8%+1.9pp	13.8%+0.9pp	12.9%+2.9pp	10.0%-1.9pp	11.9%
Return on Assets	1.3%-0.2pp	1.5%+0.3pp	1.3%+0.1pp	1.1%+0.1pp	1.0%-0.4pp	1.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	9.35+0.1	9.25-0.8	10.04-0.5	10.52+1.5	9.05+1.3	7.72
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	27.7%+0.1pp	27.6%+3.3pp	24.3%-2.8pp	27.1%-2.2pp	29.3%-1.6pp	30.9%-3.8pp	34.7%-2.7pp	37.4%
Return on Equity	3.6%+0.0pp	3.6%+0.4pp	3.2%-0.6pp	3.8%-0.5pp	4.3%+0.1pp	4.3%-0.2pp	4.5%-0.4pp	4.9%
Return on Assets	0.4%0.0pp	0.4%+0.1pp	0.3%-0.1pp	0.4%-0.0pp	0.4%0.0pp	0.4%-0.0pp	0.4%-0.0pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	8.59-0.2	8.79-0.3	9.09-0.2	9.25-0.6	9.87+0.1	9.73+0.3	9.48-0.6	10.04
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Hbt Financial, Inc. HBT

$895.5M

NB Bancorp NBBK

$998.2M

Equity Bancshare EQBK

$966.8M

Metrocity Bankshares Inc MCBS

$833.4M

Central Pacific CPF

$898.6M

Frequently Asked Questions

What is Mercantile Bk Corp's annual revenue?

Mercantile Bk Corp (MBWM) reported $321.5M in total revenue for fiscal year 2024. This represents a 18.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mercantile Bk Corp's revenue growing?

Mercantile Bk Corp (MBWM) revenue grew by 18.5% year-over-year, from $271.4M to $321.5M in fiscal year 2024.

Is Mercantile Bk Corp profitable?

Yes, Mercantile Bk Corp (MBWM) reported a net income of $79.6M in fiscal year 2024, with a net profit margin of 24.8%.

What is Mercantile Bk Corp's earnings per share (EPS)?

Mercantile Bk Corp (MBWM) reported diluted earnings per share of $4.93 for fiscal year 2024. This represents a -3.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Mercantile Bk Corp's net profit margin?

Mercantile Bk Corp (MBWM) had a net profit margin of 24.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Mercantile Bk Corp pay dividends?

Yes, Mercantile Bk Corp (MBWM) paid $1.40 per share in dividends during fiscal year 2024.

What is Mercantile Bk Corp's return on equity (ROE)?

Mercantile Bk Corp (MBWM) has a return on equity of 13.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Mercantile Bk Corp's operating cash flow?

Mercantile Bk Corp (MBWM) generated $101.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Mercantile Bk Corp's total assets?

Mercantile Bk Corp (MBWM) had $6.1B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Mercantile Bk Corp have outstanding?

Mercantile Bk Corp (MBWM) had 16M shares outstanding as of fiscal year 2024.

What is Mercantile Bk Corp's debt-to-equity ratio?

Mercantile Bk Corp (MBWM) had a debt-to-equity ratio of 9.35 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mercantile Bk Corp's return on assets (ROA)?

Mercantile Bk Corp (MBWM) had a return on assets of 1.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Mercantile Bk Corp's Piotroski F-Score?

Mercantile Bk Corp (MBWM) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mercantile Bk Corp's earnings high quality?

Mercantile Bk Corp (MBWM) has an earnings quality ratio of 1.27x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.